AXA announced the placement of GBP 750 million of Reg S subordinated notes due 2054 to institutional investors. The initial coupon has been set at 5.625% per annum. It will be fixed until the first call date in January 2034 and floating thereafter with a step up of 100 basis points.

The initial spread over Gilt is 215 basis points. Settlement of the notes is expected to take place on January 16, 2014.